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The finance minister warns companies that sustainability plans can’t just be for the wealthy at a symposium on “green housing”

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz emphasised that the green economy must not be an exclusive club for the wealthy when warning the private sector today that its shift towards sustainable practises could lead to new social fault lines.

The senator emphasised to the audience, which was primarily made up of people from other countries, that the shift towards environmental goals could not lead to the exclusion of the underprivileged or small businesses.

At a green housing conference organised by the National Mortgage Corporation (Cagamas) here, Tengku Zafrul made the forceful claim while speaking to decision-makers and real estate professionals.

In a keynote speech, he noted that it is crucial to make sure that the shift towards sustainability does not disenfranchise the poor or systematically exclude micro-SMEs, regardless of whether they are tax incentives, private sector initiatives, or finance and investment facilities.

Putrajaya has made environmental, social, and governance objectives a defining characteristic of its growth blueprints, appearing in all significant plans for the following ten years.

Are lower-income purchasers able to afford a “greener” home if it is on the market? If compliance costs are too high, tiny and micro enterprises can eventually be driven out of the market.

According to Tengku Zafrul, the Malaysian government would be the first in the world to issue the 800-million-dollar Sustainability Sukuk in April 2021. (RM3.64 billion).

According to reports, the sukuks were 6.4 times oversubscribed globally. Programs and projects connected to sustainability were funded with the profits from the issuance.

News Summary:

  • The finance minister warns companies that sustainability plans can’t just be for the wealthy at a symposium on “green housing”
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